As an executive at Fannie Mae, Franklin Raines illegally coerced his employees to falsify accounting facts so he’d get a maximum bonus. The government-backed firm used Enron-like fraud, in part at Raines’s orders, to create the largest bail-out in US history. Raines had the whistleblower fired. From the Heritage Foundation:

In 2004, after a tip from a whistle blower who was later fired, the Office of Federal Housing Enterprise Oversight (Ofheo) issued a report finding that the government-sponsored entity Fannie Mae had engaged in Enron-like accounting machinations that allowed Fannie to overstate its earnings and underestimate the risk the company faced. The accounting wizardry Fannie engaged in was designed so that Fannie could meet profit targets tomaximize bonus payments to company executives like Clinton administration deputy attorney general Jamie Gorelick and Carter administration assistant director for domestic policy Franklin Raines.

From the ACU:

Following his tenure in Democrat Bill Clinton’s White House as Budget Director, Raines returned to Fannie Mae where he served as Chairman and Chief Executive Officer prior to being forced out over accounting fraud allegations that federal authorities claimed were used to pad his own pocket with tens of millions of dollars in un-earned bonuses on top of his multi-million dollar pay. Raines and other top executives drew multi-million dollar salaries at Fannie Mae for many years.

Although he claimed no wrong doing, Raines agreed to settle the suit with the federal government just this year and agreed to pay back a few million of the near $50 million it had been alleged he obtained illegally through bonuses not due from Fannie Mae.

The Countrywide project deemed, “friends of Angelo” or FoA, standing for Friends of Countrywide Chief Executive Angelo Mozilo, apparently provided special loan rates for connected officials. These included Raines, James Johnson (a Democratic party activist and adviser to Sen. Barack Obama who was named to a panel to help choose Obama’s Vice Presidential running mate), Democrat Chairman of the Senate Banking Committee, Senator Christopher Dodd, and the chairman of the Senate Budget Committee, Democrat Kent Conrad.

Fannie Mae and Freddie Mac control almost 50 percent of all mortgages in the United States. They were started by Democrats, protected by Democrat, funded by Democrats, and absorbed into the government proper at the behest of their paid hacks in the Democrat party. Conservatives have advocated the demolition of these twin towers of corruption, fraud, and bribery for decades. But Democrats blocked every attempt to even hold hearings on corruption in Fannie Mae and Freddie Mac.

But where are the Congressional hearings? Where is the Department of Justice? Why aren’t Raines, Johnson, and Obama doing a perp walk on the evening news?

Because liberals OWN Washington. Obama will threaten, lie, and kill if he must to keep his sham campaign going. At this point, he must win to stay of prison.

I cannot believe that conservative bloggers and talk show hosts are staying away from this story. This should be the end of Barack Obama, particularly after today’s disaster on Wall Street: Dow down >500, Lehman Brothers GONE, Bear Stearns GONE, Merrill Lynch GONE, Fannie Mae GONE, Freddie Mac GONE, AIG GOING, more to follow.

Lehman Brothers, too, contributed the lion’s share of its political donations to DEMOCRATS. Why don’t you people rise up and demand some goddamn ACCOUNTABILITY! This isn’t some little $10 million Chrysler bailout here. We’re talking BILLIONS of STOLEN MONEY. Stolen by Democrats, for Democrats.

We could face an economic DEPRESSION because of Obama, Dodd, Biden, Frank, Pelosi, Kennedy, and the rest of the Democrat criminals who’ve destroyed the housing market, put families on the streets, and wrecked Wall Street through greed and avarice on a scale unseen since the Roman Empire!

I’ll say it again without any fear of error: Franklin Raines is a criminal and Barack Obama is his paid accomplice. Prove me wrong.

*UPDATE 1/4/2009: Michelle Malkin has a wonderful post on original reporting by conservative bloggers. While this piece might not be original, the analysis certainly is. This is, as far as I can tell, the only graphical analysis showing that Barack Obama received more money from Frannie Mae and Freddie Mac crooks than any other politician when measured in dollars per day in office.

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85 Comments

Hennessy’s View is an extremist rightwing fanatical website and that is all it is. Your kind will resort to whatever it takes to achieve your desired goals by any means necessary and cares less about the damage it causes in the process of getting there. You would rather tear up all of society to achieve those goals as you believe that no one can be more right then you and that you know what is better for the rest of us then we do. You would have fit well into Nazi Germany’s propaganda and disinformation machine for world domination during WWII. May you have an “interesting” future.

These are all facts. FACT:Former Clinton cronies, Raines and Gorelick worked for and took major money out of Freddie by fraud. FACT Raines repaid some of the money he stole (an admission of guilt). They are ruining this country and we are more socialist today then we were yesterday and its people like Barrack, Raines and Gorelick that are paving the way.

Dodson, got any facts? The post was full of them. Your comment contains nothing but “Republicans are evil.” You don’t convince people by name-calling. At least, you don’t convince reasonable people that way.

dodson,
oh the irony…
will you have a bright future in Obama’s National Civilian Defense Force with equal funding as the whole deparment of defense? this shit is straight out of 1920’s germany and the rise of the SA.

Regardless of the issue under discussion, you could blindly copy and paste the words of a, probably well intentioned and sincere, but staggeringly simplistic lib like dodson as a text book lefty response to “pick your topic”. Someone like Hennessy demonstrably takes the time and effort to research facts and statistics on a stunningly important and far reaching topic, and uses the resulting foundation of facts to form a conclusion. What does dod come up with? Mindless cliche drivel we have been hearing for decades. Just once, it would be cathartic to corner a dodsonite and challenge their childish name calling and fascistic generalizations and see how long it takes for them to curl up in a ball, sobbing. Punch line is, we are destined to repeat history with the current scam candidates that the democrats have, again, propped up as stellar representatives of their failed ideology. The only hope we have is the libs flake out on election day like they usually do.

I hope this doesn’t come off like water off a duck’s back like all the other stuff associated with Obama. Any other candidate would’ve gotten drummed out by now. Heck, Dean got drummed out because of a vocal faux pas, not because of who he was mentored by or who his friends were, or where he got his money.

They called Reagan the Teflon President, but it wasn’t that he was so smooth that nothing stuck to him. There really wasn’t anything to stick to him in the first place. Obama is Teflon, redefined. He has more skeletons than a medical school lab, and yet nothing sinks him. He is truly frightening. When I go home, I’ll spread the word and get this on my blog, and hope that all do the same.

I’m from the Chicago area, and I know what their politics are there. I know from whence he comes. If he wins, God help us all.

p.s.: don’t forget how much Jesse Jackson’s Operation Push got from either Freddie or Fannie, too.

1. Where does this money really come from? For example, I donate to Obamas campaign and I have to put where I work at. Do the numbers you are giving come from that type of donation? If so, I wouldn’t be surprised that , since Obama’s campaign funds come from a lot of “little people” as well as big donors, that his share might be large indeed.

This does not suprise me at all that Obama has another close “friend” that is SO STINKING CORRUPT and bad for this country! Now Raines, it was Jim Johnson, Bill Ayers, Tony Rezko and the America hating Rev. Wright.

Americans need to wake up and see the Kool-aid the Barry Obama camp is pooring for them. Pure garbage.

I just saw my answer on the news! The majority of those contributions ARE from employees- like you and me. Only about $17,000 is from management on up. On McCains side, the higher ups donated $169,000. The spin is all in how it’s stated. That’s what makes it so hard to tell what is true and what are half-truths.

I just heard today that it is true that we are all separated by 7 degrees of separation- done by a study in which our text messages were followed around the world (how is this invasion of privacy allowed?). Doesn’t that make us ALL associated with each other?

John McCain is trying to make Barack Obama’s race work against him so, he is trying to tie him to a black man as a partner in crime. These men have no relationship except race. McCain is pulling out the race card. Fear of blacks taking over and doing things against the interests of whites… McCain’s looking to stir up exactly what one poster expressed, “hey the black helicopters are coming for you. Put on your tinfoil hat to avoid their “laserguns.”

In order for the whirly-go-money-round to spin, all the employees have to get their bonuses too, it starts at the top with direction and “leadership” promoting the message and donations that accrued.
What is not relevant is the donors, who IS relevant are the recipients.

Down at the bottom of the chart where that figure originally was found on the Federal Election Commission disclosure pages it indicates that the number includes contributions from PACs and individuals.

Obama received a total of $6,000 from a Fannie/Freddie PAC — and only prior to his campaign for Presidency, when he announced he would no longer take any lobbyists PAC money.

The remainder were private donations from individuals who were employees of Fannie/Freddie, from the years between 1989-2008. The two companies at one time had over 12,000 employees.

there is so much information/misinformation that can spread rapidly, but the truth can be found FOR THOSE WHO CARE. Barak Hussein Obama bin Laden is beyond belief, and it is incomprehensible how a virtual unknown has come this far with so little substance. There has to have been some kind of mass hypnosis. The media’s fawning over him is ridiculously nauseating and embarrassing, and their blind eye to his voting record, racist statements that go to the core of who he is (read his books), and his totally malevolent wife is stupendously incredible. Besides being tied to all this fraud, he received $200 MILLION in campaign funds from the Middle East, under the guise of individual contributions via the internet. This was reported by Maureen Dowd, winner of the 1999 Pulitzer Prize for distinguished commentary, in THE NEW YORK TIMES on July 14, this year. (I don’t have the link.) This should have blown him off the planet, not just out of the race. His abominations are innumerable and inexcusable, but this is inconceivably outrageous, and have you heard a word about it? NOPE. Not in our liberal, blame-Bush-(or any other Rep.) for-everything, idiotic media. Where is the scrutiny so lavishly applied to other candidates? Not for one minute would he survive OBJECTIVE, FACTUAL, revelatory investigation. This is not about Democrats or Republicans–this is about America surviving. Make no mistake about it, there is true evil going on, and we are dead in the water if Obama makes it.

PS–and if you don’t think America is worth saving, do some traveling to ANYwhere else, get to know people from other countries who left because they faced death for their beliefs (religious, political), learn something outside your comfort zone, and then reassess.

Those are Facts jack…the truth will stand when the world`s on fire. Get the Acorn people to testify. This is no blown up, taken out of proportion pipe dream… This will all hit the street when all hell breaks loose. Soon, real soon.

The reason this is not in the mainstream media and in the McCain campaign is that it is unsubstatiated hogwash. If you question everything here you will find there is no basis in truth to any of this. If the Rebulicans were the campions of the middle class they are now pretending to be the rich would not have had the largest boon since the inception of our great nation during their rule. There would have been protection for the average American and we would not be in the mess we are in now. I do not know how the conservatives can be so cynical to say this is all the democrats and clintons fault after the rebulicans have been in power for most of the last twenty years. Wake up and smell the coffee. If you can’t lead, get out of the way. As an american I am fed up with both parties name calling and whining, SHUT UP AND MAKE SOMETHING HAPPEN WORTHWHILE. The Rebulicans had their chance, and now we can watch the democrat screw up in a new and exciting way. Hennesey article is not constructive however.

Aquiles Suarez, listed as an economic adviser to the McCain campaign in a July 2007 McCain press release, was formerly the director of government and industry relations for Fannie Mae. The Senate Lobbying Database says Suarez oversaw the lending giant’s $47,510,000 lobbying campaign from 2003 to 2006.

Vote for Ralph Nader – because Democrats & Republican’s are throughly corrupt. McCain with The Keating Five and now all of his advisors are lobbyists who were involved with Fannie & Freddie. And Obama has the actual greedy CEOs of these companies as cohorts – we’re screwed.

Wow, this really is an eye opener! That’s pretty crazy to think the leader of our country was hand picked by Fannie Mae and Freddie Mac, two failed institutions. Why do we give the people who ruined our country what they want?

The facts are quite clear. Every member of Congress is culpable for this mass fraud. This on going shell game between the dem’s and rep’s is a joke. Obama, Dodd, Raines, Frank, Delay, all belong in prison along with every sitting member of congress. If you believe this is some bias story made up by political opponents your as nutty as the folks still fawning over Obama. The truth is right in front of you. For all Bushes faults he was probably the least corrupt man in Washington for the last eight years. The fact that he sat on his ass as both sides of the isles fed at the public troft says much about the worthless leader he was. Corruption is destroying this country, thousands of tax paying citizens have lost there savings, homes, jobs and the destruction goes on and on. Any American that votes for any incumbent in Washington is a fool.

A few webs did carry this story, as I used to post it on forum to try and educate the liberal obama voters during the campaign. So they knew Raines and other executives were cooking the books and eventually directly and/or indirectly caused the housing crisis.

George Bush tried several times to get an bill passed in Congress to investigate and put more SEC regulations on FM and FM because he warned the public they were in danger of bankruptcy and the housing crisis. But they dems blocked it every time.

Of course the MSM wouldn’t cover this, like a bunch of paparazzi on steroids, they were much too busy dissing Sarah Palin’s children.

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I help connect and inform people who will work to solve problems my making people freer and stronger.

My current project finds ways to fix the problems of municipal courts and police who use citizens like ATM machines for government. I used the DOJ’s Ferguson report as the foundation.

I am proud that this blog has:
* Proposed the St. Louis Tea Party
* Kicked off a BUYCott to help Ferguson business after the riots
* Helped push legislation (SB-5) in Missouri General Assembly to curtail municipal court and police abuses